8-K
filed May 5, 2023, 7:59 PM ET
CIK 0001634452
debt
confidence high
sentiment neutral
materiality 0.55
AB Private Credit Investors Corp: debt financing — AB Private Credit closes $395M CLO XIII; $228M Class A notes at ref+2.60%
AB Private Credit Investors Corp
- Issued $228M Class A (Ref+2.60%), $36M Class B (Ref+3.65%), $36M Class C (Ref+4.55%), $28M Class D (Ref+6.90%), $67M subordinated notes.
- Notes mature April 27, 2035; secured by portfolio of middle market loans and participations.
- Proceeds used to repay warehouse facility and make ~$42.25M cash distribution to AB Private Credit Investors.
- Adviser waives base management fee and subordinated interest under collateral management agreement.
- Private placement of unregistered notes; no public offering.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AB Private Credit Investors Corp incurred senior notes of $28,000,000 of Class D Secured Deferrable Floating Rate Notes with U.S. Bank Trust Company, National Association at Reference Rate plus 6.90% per annum maturing April 27, 2035.
- Instrument
- senior notes
- Principal
- $28,000,000 of Class D Secured Deferrable Floating Rate Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- Reference Rate plus 6.90% per annum
- Maturity
- April 27, 2035
- Event
- incurrence
Exact text from the filing
(iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at the Reference Rate plus 6.90% per annum
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AB Private Credit Investors Corp incurred senior notes of $228,000,000 of Class A Senior Secured Floating Rate Notes with U.S. Bank Trust Company, National Association at Reference Rate plus 2.60% per annum maturing April 27, 2035.
- Instrument
- senior notes
- Principal
- $228,000,000 of Class A Senior Secured Floating Rate Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- Reference Rate plus 2.60% per annum
- Maturity
- April 27, 2035
- Event
- incurrence
Exact text from the filing
The CLO Transaction was executed through a private placement of: (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at the Reference Rate (as defined in the Indenture) plus 2.60% per annum
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AB Private Credit Investors Corp incurred senior notes of $36,000,000 of Class B Senior Secured Floating Rate Notes with U.S. Bank Trust Company, National Association at Reference Rate plus 3.65% per annum maturing April 27, 2035.
- Instrument
- senior notes
- Principal
- $36,000,000 of Class B Senior Secured Floating Rate Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- Reference Rate plus 3.65% per annum
- Maturity
- April 27, 2035
- Event
- incurrence
Exact text from the filing
(ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at the Reference Rate plus 3.65% per annum
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AB Private Credit Investors Corp incurred senior notes of $36,000,000 of Class C Secured Deferrable Floating Rate Notes with U.S. Bank Trust Company, National Association at Reference Rate plus 4.55% per annum maturing April 27, 2035.
- Instrument
- senior notes
- Principal
- $36,000,000 of Class C Secured Deferrable Floating Rate Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- Reference Rate plus 4.55% per annum
- Maturity
- April 27, 2035
- Event
- incurrence
Exact text from the filing
(iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at the Reference Rate plus 4.55% per annum
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AB Private Credit Investors Corp incurred debt of $67,000,000 of subordinated notes with U.S. Bank Trust Company, National Association maturing April 27, 2035.
- Principal
- $67,000,000 of subordinated notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Maturity
- April 27, 2035
- Event
- incurrence
Exact text from the filing
Static Subsidiary ”), ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “ Second Static Subsidiary ” and together with the First Static Subsidiary, the “ Static Subsidiaries ”, and together with the Co-Issuers, the “ Issuer Entities ”), and U.S. Bank Trust Company, National Association (the “ CLO Transaction ”). The notes offered by the applicable Issuer Entities in the CLO Transaction (the “ Notes ”) are secured by a diversified portfolio of the Issuer Entities consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans.
View on SEC.gov
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